Africa’s answer lies in inclusive economies

Some of the world’s fastest growing economies are on the African continent. PHOTO: Gizmodo

“The story of Africa rising is there. If you look at the facts at least 6-7 of the fastest growing economies in the world are here in Africa. The issue is that people at the bottom of the pyramid are not feeling the economic growth,” said Mamadou Bitiye, African MD for the Rockefeller Foundation.

He says a lot of the growth has been driven by overseas ODI which is not always labour intensive and doesn’t always promote local entrepreneurship.

“It is really important that Africa starts beyond the consensus actually move into practical steps to reform the economies looking at ways in which they invest in different sectors that would actually bring these all segments of societies into the economy.”

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Bitiye says one way to tackle issues stifling progress in different countries is to look at the concept of inclusive economies, which looks at methods of boosting economic growth, addressing the issues of inequality and making the growth much more shared.

“Today, despite the economic growth we are much more confronted with unemployment, particular unemployment among youth. Women are still, to a certain degree, marginalized and have a lot of barriers to access financial services,” said Bitiye.